Tanger Inc. (NYSE:SKT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in Tanger Inc. (NYSE:SKT) by 4.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 570,648 shares of the real estate investment trust’s stock after selling 25,592 shares during the period. Principal Financial Group Inc. owned approximately 0.52% of Tanger worth $18,934,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. UniSuper Management Pty Ltd raised its stake in Tanger by 84.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock valued at $1,576,000 after acquiring an additional 24,369 shares in the last quarter. Hancock Whitney Corp grew its position in Tanger by 46.8% in the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock valued at $2,116,000 after buying an additional 22,859 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Tanger by 23.2% during the 1st quarter. First Eagle Investment Management LLC now owns 112,704 shares of the real estate investment trust’s stock valued at $3,328,000 after buying an additional 21,250 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Tanger by 13.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock worth $10,536,000 after acquiring an additional 38,036 shares during the period. Finally, Bailard Inc. boosted its holdings in shares of Tanger by 64.4% in the second quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock valued at $664,000 after acquiring an additional 9,600 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Trading Up 0.3 %

NYSE:SKT opened at $35.73 on Friday. The stock has a fifty day simple moving average of $33.21 and a 200 day simple moving average of $29.70. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 41.55, a price-to-earnings-growth ratio of 2.82 and a beta of 1.88. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $36.46. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same quarter in the previous year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts forecast that Tanger Inc. will post 2.1 earnings per share for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

Analyst Upgrades and Downgrades

SKT has been the topic of several recent analyst reports. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $40.00 in a report on Monday. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Compass Point lifted their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger presently has an average rating of “Moderate Buy” and an average target price of $34.83.

Tanger Company Profile

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.